Business, Legal & Accounting Glossary
n. originally in English common law and in several states there were separate courts (often called chancery courts) which handled lawsuits and petitions requesting remedies other than damages, such as writs, injunctions and specific performance. Gradually the courts of equity have merged with courts of law. Federal bankruptcy courts are the one example of courts which operate as courts of equity.
A chancery court, equity court or court of equity is a court that is authorized to apply principles of equity (as opposed to law) to cases brought before it. The decisions are not precedent-setting. These courts began with petitions to the Lord Chancellor of England. Some common law jurisdictions – such as the American states of Delaware, New Jersey, and Tennessee – preserve the distinctions between law and equity and between courts of law and courts of equity.
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This glossary post was last updated: 27th April, 2020 | 3 Views.